Monthly Legal Alert: January 2021

SIGNUM regularly provides Legislative/Regulatory Alerts to keep Clients informed about important laws and regulatory changes in the Republic of Kazakhstan (“RK”). This Alert includes recent developments introduced in January 2021 related to:

  • New Environmental Code
  • Insurance
  • Financial Sector
  • Tax Issues
  • State Property
  • Civil Legislation Issues
  • Subsoil Use and Energy
  • Antitrust Regulation
  • Customs Issues
  • Digital Sector and Personal Data
  • Enforcement Proceedings

1.   New Environmental Code

The new Environmental Code comes into force on 1 July 2021[1]

The provisions of the new code will be effective on the entire territory of the RK, including the continental shelf and exclusive economic zone of the RK, in accordance with international law.

At the same time, international treaties ratified by the RK apply directly to environmental relations, except for cases when it follows from an international treaty that the issuance of a legislative act of the RK is required for its application.

1)     Categorization of objects that have a negative impact on the environment:

  • objects that have a significant negative impact on the environment (objects of the l category);
  • objects that have a moderate negative impact on the environment (objects of the II category);
  • objects that have an insignificant negative impact on the environment (objects of the III category);
  • objects that have a minimal negative impact on the environment (objects of IV category).

When assigning objects to the appropriate category, the following criteria are taken into account:

  • levels of negative impact on the environment by the type of activity (industry, part of the industry, production, facility);
  • level of toxicity, carcinogenic and mutagenic properties of pollutants contained in emissions, discharges of pollutants, as well as waste classification.

 

2)    The following objects are subject to mandatory state ecological expertise:

  • project documentation for the construction and (or) operation of facilities of I and II categories and other project documents provided for by the code for obtaining environmental permits;
  • design documentation for the construction and (or) operation of facilities of the III category and other design documents provided for by the code, necessary for the preparation of a declaration on the impact on the environment;
  • drafts of the regulatory legal acts of the RK, the implementation of which may lead to negative impacts on the environment;
  • projects for the creation and expansion of specially protected natural areas, including their functional zoning and master plans for the development of infrastructure, etc.;
  • materials of the survey of territories, justifying the assignment of these territories to zones of ecological disaster or environmental emergency;
  • projects of economic activities that may have an impact on the environment of neighboring states, including the Baikonur complex, determined by international treaties of the RK;
  • materials of a comprehensive environmental survey of lands where nuclear weapons were tested in the past, as well as which, were affected by military ranges;
  • forest management projects of state forest ownership and forest management and (or) special surveys to classify the state forest fund into categories;
  • project documents for activities that do not require an environmental permit, for which the laws of the RK provide for the mandatory presence of a positive conclusion of the state environmental review.

The expert of the state ecological expertise shall be a government employee of a subdivision of the environmental protection body authorized to carry out the state ecological expertise. In addition, a person who is in a close family relationship with the managing officials of the customer or developer of the object of the state environmental impact assessment cannot be involved in the state environmental impact expertise.

3)    Environmental damage is damage caused to flora and fauna, waters, and lands, if as a result of such damage there is no possibility of their natural restoration within a reasonable period to the original state without remediation measures.

The legislator no longer links the obligation to compensate for the damage with violation of the environmental legislation. Responsibility arises on the “polluter pays” principle. In accordance with this principle, a person whose actions or activities have caused environmental damage must fully and at his own expense remediate the components of the natural environment that have suffered environmental damage.

Remediation is a set of measures to eliminate environmental damage through the restoration, reproduction of a component of the natural environment, which suffered environmental damage, or, if the environmental damage is completely or partially irreparable, replacement of such a component of the natural environment.

 

4)   There are different types of environmental assessment:

  • strategic environmental assessment - carried out during the entire period of development of programs for the development of territories and master plans of settlements;
  • environmental impact assessment - is mandatory in the implementation of certain types of activities and certain facilities and actually replaced the provisions on environmental impact assessment of projects;
  • assessment of transboundary impact - has a negative impact on the environment of another state;
  • environmental assessment according to a simplified procedure - is carried out for planned and ongoing activities that are not subject to mandatory environmental impact assessment.

 

5)    Two types of environmental permits:

  • integrated environmental permit (will be introduced starting from 1 January 2015):

       -    mandatory for objects of the I category;

       -    issued by the authorized body in the field of environmental protection;

       -    as a general rule, it is valid indefinitely;

  • environmental impact permit:

       -    mandatory for the construction and (or) operation of the II category II facilities;

       -    for the operation of facilities of the I category in the case when the facilities were put into operation before 1 July 2021;

       -    for the operation of facilities of the I category, for the projects for which a positive conclusion of the state ecological expertise was issued before 1 July 2021.

 

An environmental permit is now required not only for the emissions but in case of any negative impact on the environment. It defines the individual requirements for the construction and operation of facilities of I and II categories, subject to compliance with the environmental requirements provided for by environmental legislation. It is prohibited to include in environmental permit conditions that are not aimed at ensuring environmental protection.

At the same time, the operator, as well as all subcontractors performing work/rendering services on the territory of the object of the I or II category during its construction, reconstruction, or operation, are obliged to comply with the conditions of such an environmental permit and are responsible for the non-compliance. Subcontractors do not need to obtain a separate environmental permit for the performance of work and(or) the provision of services on the territory of the facility of the I or II category.

 

6)    The declaration on the environmental impact is submitted in writing or electronically signed with the electronic signature. Operators carrying out activities at facilities of the III category (hereinafter referred to as the declarant) shall submit a declaration on the environmental impact to the local executive body of the administrative-territorial unit.

The environmental impact declaration must contain the following information:

  • name and other registration data of the applicant;
  • name and a brief description of the object;
  • type of main activity, types, and volume of products produced, works performed, services rendered;
  • the declared amount of pollutant emissions, the amount and types of waste (generated, accumulated, and transferred to specialized waste management organizations);
  • for the planned activity - the number and date of issuance of a positive conclusion of the state ecological expertise for objects of III category.

 

7)    The concepts of the environment, its quality, protection, and objects, as well as anthropogenic impact and pollution, have been determined in detail.

 

8)    The procedure for access to environmental information has been regulated. The public has a right to access complete, reliable, and up-to-date environmental information collected by government agencies, including those produced or received, or owned by any individual or legal entity acting on behalf of the government agency. Information on the quantitative and qualitative indicators of emissions into the environment is not a commercial or other secret protected by law.

 

9)    The principles of environmental legislation are updated to reflect the modern understanding of environmental concepts.

 

10)  Instruments of state regulation in the field of environmental protection mean a set of measures, actions, and procedures aimed at ensuring compliance with environmental requirements:

  • licensing of activities in the field of environmental protection;
  • environmental regulation;
  • technical regulation in the field of environmental protection;
  • environmental assessment;
  • state ecological expertise;
  • environmental permits and environmental impact declarations;
  • monitoring of the environment and natural resources;
  • state environmental control;
  • notification procedure for waste collection, sorting, and (or) transportation;
  • instruments of state regulation in the field of greenhouse gas emissions and removals.

 

11)   According to the new code, economic incentives for activities aimed at environmental protection are carried out through:

  • 0 rate for payment for negative impact on the environment starting from the date of obtaining an integrated environmental permit in accordance with the tax legislation of the RK;
  • guaranteed purchase by the settlement and financial center for the support of renewable energy sources of electric energy produced by energy waste disposal facilities in accordance with the legislation of the RK related to support for the use of renewable energy sources;
  • transfer and adaptation of green technologies, as well as assistance in attracting green investments;
  • state support measures within the framework of “green” financing in accordance with the legislation of RK.

 

12)  Green technologies mean environmentally friendly production technologies created based on modern scientific achievements, taking into account the environmental, economic, social aspects of sustainable development, which cover the following areas and are aimed at:

  • production of non-toxic products in a closed cycle “production - disposal - new production”;
  • maximum waste reduction due to innovations in technologies and consumption patterns;
  • replacement of non-renewable natural resources with alternative renewable sources of raw materials and energy;
  • introduction of biotechnology in agriculture, animal husbandry, and processing of agricultural products, production of biological products for agriculture;
  • production of energy from renewable energy sources (solar energy, wind energy, hydro-, geothermal energy, biomass, hydrogen), reducing harmful emissions into the atmosphere, increasing the efficiency of fuel use, as well as the energy efficiency of buildings and household appliances;
  • development of sustainable green spaces with a high absorptive effect of greenhouse gases from the environment, aimed at mitigating the effects of the climate change;
  • production of building materials that do not contain toxic and carcinogenic substances, using production and consumption waste.

Service operator of "green" technologies is a subordinate organization of the authorized environmental protection body, which provides comprehensive services for maintaining a register of "green" technologies and projects, commercialization and technological business incubation of "green" technologies, assistance in attracting "green" financing, including investments and grants for the implementation of "green" projects, information, analytical, legal, methodological, consulting and expert support on the "green economy", international cooperation and exchange of experience under the Green Bridge Partnership Program.

Green financing refers to investments aimed at the implementation of green projects and attracted with the help of such instruments as green bonds, green loans, and other financial instruments determined by the authorized body for regulation, control, and supervision of the financial market and financial organizations.

Green projects include projects defined based on an approved classification (taxonomy) aimed at improving the efficiency of using existing natural resources, reducing the negative impact on the environment, increasing energy efficiency, energy conservation, mitigating the effects of climate change, and adapting to climate change.

The classification of "green" projects to be financed through "green" bonds and "green" loans is developed by the authorized environmental protection body and approved by the Government of the RK.

 

13)  A new concept of historical pollution has emerged. Historical pollution is accumulated environmental damage caused to waters and (or) lands by previous activities, including the cumulative impact of various types of anthropogenic activities where obligations to eliminate such damages were not fulfilled or were not fulfilled in full.

Objects of historical pollution are territories and water areas or their parts where historical pollution has been identified, including permanent construction structures with unknown owners and storage or waste burial, where waste is a source of historical pollution.

Funding for the elimination of historical pollution is carried out with state budget funds.

 

14)  There is a new section dedicated to the elimination of the consequences of activities at the facilities, that have a negative impact on the environment. After the termination of the operation of facilities that have a negative impact on the environment, the operators of the facilities are obliged to ensure the elimination of the consequences of the operation of such facilities in accordance with the requirements of the legislation of the RK.

As a part of the elimination of the consequences of the operation of facilities that have a negative impact on the environment, work should be carried out to bring land plots to a state that ensures the safety of life and (or) human health, environmental safety and is suitable for their further use according to the intended purpose. Depending on the type of such facilities, elimination includes the post-utilization of construction facilities, liquidation of the consequences of subsoil use, liquidation and conservation of hydrogeological wells, closure of landfills and other storage and disposal sites, including radioactive waste, measures for the safe termination of activities related to the management of nuclear facilities.

Elimination of the consequences of the operation of the facilities that have a negative impact on the environment is carried out at the expense of the operator of such a facility at the time of the termination of the exploitation of the facility.

In some cases, the facility operator must provide financial security for the fulfillment of its obligations to eliminate the consequences of the operation of facilities that have a negative impact on the environment. The provision of such security does not relieve the operator of the facility from fulfilling obligations to eliminate the consequences of operating facilities that have a negative impact on the environment.

Financial security is provided in the form of:

  • guarantees;
  • pledge of a bank deposit;
  • property pledge;
  • insurance.

Financial security must be provided in 3 years from the date of commissioning of the I category facility.

The cost of work to eliminate the consequences of the operation of the I category facility should include administrative and management costs, as well as costs for:

  • dismantling and demolition of capital structures (buildings, structures, complexes);
  • dismantling and removal of technological equipment;
  • recovery, utilization, and (or) disposal of waste;
  • reclamation of disturbed lands;
  • monitoring the quality of surface and ground waters, atmospheric air, soil, and vegetation;
  • performance of other works to eliminate the consequences of the operation of the 1st category facility, provided for by the conditions of the integrated environmental permit.

Financial security is not required for:

  • the I category facility, in respect of which the subsoil user has provided security for the fulfillment of obligations to eliminate the consequences of subsoil use or a liquidation fund has been formed in accordance with the legislation of the RK on subsoil and subsoil use;
  • landfills, in respect of which the operator of such facilities have formed a liquidation fund in accordance with the requirements of environmental legislation.

 

15)  Objects of environmental monitoring are:

  • atmospheric air and precipitation, water, soil, background radiation, transboundary pollution, background;
  • quality of groundwater;
  • environmental impact of the I and II category facilities;
  • the state of ecological systems and the ecosystem services they provide;
  • specially protected natural areas, including the natural course of natural processes and the impact of changes on the ecological systems of specially protected natural areas;
  • impacts of climate change;
  • waste and waste management.

 

16)  State environmental control is carried out in the following areas:

  • Compliance with the provisions of the Environmental Code on environmental protection;
  • Compliance with environmental requirements, especially for the protected natural areas;
  • Compliance with environmental requirements during conservation and elimination of the consequences of subsurface use operations, reclamation of disturbed lands;
  • Fulfillment of extended obligations of manufacturers (importers);
  • Fulfillment by the operator of the extended obligations of producers (importers) of the requirements determined by the Environmental Code;
  • Compliance with qualification requirements and rules for the implementation of licensed activities in environmental protection, as well as activities for which a notification procedure has been established;
  • Compliance by local executive bodies with the requirements of the environmental legislation of the RK for the provision of public services in environmental protection.

State environmental control is carried out in the following forms:

  • Preventive control without visiting the subject (object);
  • Preventive control with a visit to the subject (object);
  • Verification.

The new code declares the principle of publicity of state environmental control. Individuals and legal entities have the right to access information on the results of state environmental control.

2. Insurance

Branches of a non-resident insurance (reinsurance) company and a non-resident insurance broker[2]

The law introduced novelties [3] in the Law “On Banks and Banking Activities in the RK [4]” regulating the legal status of branches of non-resident insurance brokers and branches of non-resident insurance (reinsurance) companies. In particular, there is a number of restrictions on branches of non-resident entities.

A branch of a non-resident insurance (reinsurance) company is prohibited from carrying out transactions and conducting operations as entrepreneurial activities that are not related to insurance (reinsurance) activities, except for consulting services on issues related to insurance activities.

A branch of a non-resident insurance (reinsurance) company operating in the life insurance industry, in addition to insurance activities, has the right to provide services for issuing loans by a non-resident insurance company to its policyholders within the cash value amount provided for by the insurance agreement.

Branches of non-resident insurance companies, carrying out insurance activities on compulsory types of insurance, which are subject to guarantee in accordance with the Law of the RK “On the Fund for Guaranteeing Insurance Payments”, acquire shares or a share of participation in the authorized capital of an organization that guarantees the insurance payments to policyholders (insured, beneficiaries) in case of compulsory liquidation of insurance companies.

Now the establishment of a branch of a non-resident insurance broker is permitted in the RK. A new separate article in the law regulates the procedure for opening a branch of a non-resident insurance broker of the RK. To obtain permission to open a branch of a non-resident insurance broker, in addition to the documents of incorporation, it is necessary to submit the following documents issued by the financial supervision body of the state, the resident of which is the non-resident insurance broker:

-       written notification of the absence of objections to the opening of a branch on the territory of the RK or a statement that such permission is not required under the legislation of the state, the resident of which is a non-resident insurance broker;

-       written confirmation of a valid license to carry out the activities of an insurance broker;

-       written confirmation of the absence of violations of the requirements of the legislation governing the activities of a non-resident insurance broker for the last 2 years;

-       written confirmation that the founder (founders) of a non-resident insurance broker has no criminal record for economic, corruption crimes and offenses, as well as that the founder (founders) did not carry out activities as a senior employee of a non-resident insurance (reinsurance) company, a non-resident insurance broker or another financial organization of the home state of a non-resident insurance broker within a period of no more than 1 year from the date of revocation of the license in accordance with the procedure established by law, the adoption of a decision on compulsory liquidation, compulsory redemption of shares of a non-resident insurance (reinsurance) company, non-resident insurance broker. The specified requirement is applied within 5 years after the revocation of the license, the date of the decision on compulsory liquidation, compulsory redemption of shares of a non-residence insurance (reinsurance) company, a non-resident insurance broker.

The legal status of a branch of a non-resident insurance broker is determined by the registration with the state corporation “Government for the Citizens” and the license to carry out the activities of an insurance broker.

3. Financial sector

Branches of Non-resident Banks

According to the amendments to the Law on Banks and Banking Activities, a branch of a non-resident bank is a separate subdivision of a non-resident bank of the RK, which is not a legal entity, located on the territory of the RK, registered with the state corporation “Government for the Citizens” and carrying out banking activities based on the licenses issued by the authorized body. In its name, the branch of a non-resident bank of the RK must use the name of a non-resident bank, as well as the word “branch”.

Branches of non-resident banks are prohibited from carrying out operations and transactions as entrepreneurial activities that are not related to banking activities, as well as providing consulting services on issues related to financial activities.

A non-resident bank has the right to apply to the authorized body for obtaining permission to open a branch on the territory of the RK if the following conditions are met:

1)     the amount of total assets of a non-resident bank must be at least an amount equivalent to 20 billion US dollars;

2)    the state, the resident of which is the non-resident bank, is a participant in international cooperation for preventing and combating the legalization (laundering) of proceeds from crime and the financing of terrorism, and also cooperates with the group for the development of financial measures to combat money laundering;

3)    the existence of an agreement between the authorized body and the financial supervision body of the state, the resident of which is the non-resident bank.

The head of a branch of a non-resident bank is not allowed to be the head of the executive body or a person solely performing the functions of an executive body, a legal entity, head of other branches of non-resident banks, branches of non-resident insurance (reinsurance) organizations, branches of non-resident insurance brokers.

A non-resident bank, a branch of which is classified as unstable financial position, must take measures to improve the financial condition of a branch of a non-resident bank, including increasing the size of assets taken as a reserve, minimizing risks by bringing its activities in line with the legislation of the RK and the requirements of the authorized body. An action plan to improve the financial situation must be agreed upon with a major participant in the bank, a bank holding company, and a non-resident bank.

Amendments to the Securities Market Law[5]

The law has a new article on the issue of non-government bonds subject to private placement among a limited number of investors. The number of investors participating in the placement of these bonds must not exceed 50.

The conditions for the issue of non-government bonds subject to the private placement are determined by a private memorandum. These bonds can be included in the official list of the stock exchange.

According to the latest amendments, the provisions on payment for the applicant's shares during their placement, the minimum amount of the authorized capital of the applicant, as well as other requirements regarding the formation of the authorized capital do not apply to the branches of non-resident banks of the RK. The same applies to the requirements for the founders and shareholders of the applicant (licensee) if the latter is a branch of a non-resident bank of the RK. These provisions came into effect on 20 December 2020.

The changes also affected the provisions on the central depository. In particular, now the Central Securities Depository is entitled to provide services to foreign financial organizations and organizations registered on the territory of the Astana International Financial Center based on an agreement. The conditions and procedure for the provision of such services will be determined in accordance with the law of the country chosen by the agreement of the parties unless otherwise provided by the laws of the RK or in accordance with the acts of the Astana International Financial Center.

The types of activities of the central depository were also supplemented. Now the Central Securities Depository has the right to:

  • Provide services for the verification of clients-residents of the RK to counter the legalization (laundering) of proceeds from crime and the financing of terrorism;
  • Return assets in nominal holding to a client of a nominee holder who has been deprived of a license to conduct all or certain types of activities in the securities market and who has not fulfilled the obligation to return assets to his client, and also carries out other operations concerning the assets of such a client in the manner, determined by the regulatory legal act of the authorized body and the set of rules of the central securities depository.

In addition, the Central Securities Depository, subject to a license to carry out certain types of banking operations, is entitled, in the manner prescribed by the regulatory legal act of the authorized body, to carry out:

  • exchange operations with foreign currency, except for exchange operations with foreign currency in cash;
  • safe operations: services for the storage of securities and other financial instruments issued in documentary form.

The Central Securities Depository has the right to receive information from information systems of state bodies, as well as from the system of a credit bureau with state participation, necessary to confirm the information used in the implementation of activities.

The Central Securities Depository provides information about the issuer and its securities to investors in the manner and on the terms established by the regulatory legal act of the authorized body and the set of rules of the central securities depository.

Amendments to the Law on State Regulation, Control, and Supervision of the Financial Market and Financial Organizations[6]

According to the latest amendments, the Agency of the RK for the Regulation and Development of the Financial Market, together with the National Bank of the RK and tax authorities, approves the rules for withdrawing cash by entrepreneurs from bank accounts, which determine, including over the established limit sizes, as well as the procedure for submitting information and information about such operations. These provisions entered into force on 1 January 2021.

In addition, a number of changes have been made regarding the regulation of the activities of branches of non-resident banks. Some of these changes are retroactive and effective from 16 December 2020.

Amendments to the Law on Investment and Venture Funds entered into force on 1 January 2021[7]

According to these changes, a market maker is an organization that provides services for the announcement and maintenance of quotations for a financial instrument in accordance with the internal documents of the stock exchange.

In addition, the changes affected a special regime for regulating the activities of management companies that manage the assets of investment funds. The norms of the law and normative legal acts of the Agency of the RK for the Regulation and Development of the Financial Market, the National Bank of the RK now apply to these companies within the limits stipulated by the conditions of the special regulation regime.

Changes were also made to the article regulating the creation of a mutual investment fund. According to these amendments, the management company cannot be the holder of shares of those investment funds, the functioning of which it ensures in accordance with the concluded agreements, except for cases when the management company becomes the holder of shares of the fund managed by it as part of its performance as a market maker (in the case of combining management company of investment portfolio management activities with brokerage and (or) dealer activities). At the same time, the number of shares held by this management company must be less than 10% of the number of all allocated shares (except for redeemed shares) of the fund managed by it.

Amendments to the Project Finance and Securitization Law came into effect on 1 January 2020[8]

The law has a new chapter on syndicated financing. Under a syndicated loan agreement, several lenders (a syndicate of lenders) undertake to agree with each other to provide into the borrower's ownership of the money in the amount and terms stipulated by the agreement for each lender, and the borrower undertakes to return the money received from them to the lenders, pay remuneration, and other payments if the obligation to pay them is stipulated by the contract. Features of this agreement include:

  • Syndicated financing is carried out with the participation of at least two lenders;
  • The amount of money provided by each lender to the borrower can be established by the syndicated loan agreement in a fixed amount or in the form of a certain share of the money to be transferred to the borrower;
  • Each lender has independent rights (claims) in relation to the borrower in proportion to the amount of money provided to the borrower;
  • Unless otherwise provided by the syndicated loan agreement, the lender is not responsible for the failure of other creditors to fulfill their obligations to provide the borrower with money;
  • The borrower has the right to demand the agent bank to provide information on the composition of the participants in the creditors' syndicate and on the amount of their claims against the borrower;
  • The borrower has the right to fulfill the obligations under the syndicated loan agreement ahead of schedule unless otherwise provided by the syndicated loan agreement, etc.

The agent bank keeps a register of creditors, keeps records of all loans provided to the borrower by each of the creditors, receives from the borrower or third parties execution under the syndicated loan agreement, including remuneration and other payments, keeps records of the money received and distributes it among the creditors, collects, forms and maintains the credit dossier and documentation, controls the intended use by the borrower of the loan and the performance of the borrower of obligations under the syndicated loan agreement, monitors the financial condition of the borrower, notifies the borrower of a delay in the performance of obligations under the syndicated loan agreement, and also performs other functions in accordance with the agreement members of a syndicate of lenders.

Amendments to the Law on Microfinance Activities[9]

According to the latest changes, microfinance organizations that were created before 2021 and did not submit applications to the authorized body for a license to carry out microfinance activities until 1 March 2021, are subject to reorganization or liquidation in accordance with the laws of the RK.

In addition, no person alone or jointly with another (other) person (persons) can directly or indirectly own and (or) use, and (or) dispose of shares in the authorized capital or placed shares of microfinance organizations, if it is a legal entity, the founder (shareholder, participant) or executive employee of which was previously an officer or founder (participant) of a microfinance organization in the period not more than 1 year before the authorized body made a decision to exclude microfinance organizations from the register, except for the case when these organizations were excluded from the register of microfinance organizations in connection with their decision to voluntarily terminate their activities through reorganization or liquidation.

Before filing an application for a license to carry out microfinance activities, microfinance organizations are required to close the premises of branches, the location of which does not comply with the requirements of this law.

 

4. Tax Issues

Changes to the Tax Code on environmental protection issues will enter into force on 1 January 2022[10]

The provisions of the Tax Code regarding environmental protection were brought in line with the new Environmental Code, in particular, the concept of emissions was replaced by the consideration of the environmental impact.

In addition, from 1 January 2025, the rates of payments for pollutant emissions from stationary sources will be doubled, this affects:

-       lead and its compounds (from 1 993 MCI per ton to 3 986 MCI);

-       hydrogen sulfide (from 62 MCI per ton to 124 MCI);

-       phenols (from 166 MCI per ton to 332 MCI);

-       copper oxides (from 299 MCI per ton to 598 MCI), etc.

Also, from 1 January 2025, the rates of payments for pollutant emissions and for the disposal of production and consumption waste will be doubled.

In addition, the changes affected the procedure for calculating and paying the above-mentioned payments. In particular, the fee:

1) is calculated by payers who are operators of facilities of I and II categories, based on the objects of taxation, and the established rates using the specified coefficients;

2) is calculated by payers who are operators of facilities of the III category, based on the declared objects of taxation, and the established rates.

To stimulate the introduction and use of the best available techniques on the territory of the RK, as well as to prevent or reduce the level of harmful anthropogenic impact on the environment, the payers apply the following coefficients when calculating fees for the facilities that have a negative environmental impact and for which an integrated environmental permit has been issued (up until 1 July 2021):

1) coefficient 0 - to the rates of payments for emissions of pollutants from stationary sources and from the combustion of associated and (or) natural gas in flares within the limits established in the integrated environmental permit, starting from the date of its issuance;

2) coefficient 0 - to the rates of payment for discharges of pollutants within the standards established in the integrated environmental permit, starting from the date of its issue;

3) coefficient 0 - to the rates of payment for waste disposal within the limits and in accordance with the reporting submitted during the formation, use, and disposal of production and consumption waste, starting from the date of issuance of an integrated environmental permit;

4) coefficient 0 - to the rate of payment for placing sulfur in the open form on sulfur pads within the limits during exploration and (or) production of hydrocarbons and in accordance with the reporting submitted for the formation and placement of sulfur, starting from the date of issuance of an integrated environmental permit.

5. State property

Changes to the State Property Law[11]

New provisions have been introduced to the law, according to which the initial price of the privatization object is determined based on assessment of the value of the privatization object submitted by independent consultants or an appraiser, and is established by the commission on privatization of state property objects.

The sale of state-owned securities is now allowed on the stock exchanges of foreign states. When selling securities owned by the state on the stock exchanges of foreign countries, the legislation of that state is applied.

Defense facilities under PPP contracts[12]

Now the Government of the RK has the right to approve, upon agreement with the President of the RK, a list of the defense facilities that can be purchased or used under public-private partnership agreements, including the concession agreement.

A new article regulates the use and alienation of property to implement public-private partnership agreements. In particular, military property, except for weapons, military equipment, and special means, can be transferred into temporary possession and use for the implementation of public-private partnerships in accordance with the legislation of the RK.

Defense facilities can be disposed to a private partner or concessionaire to reimburse costs under a public-private partnership agreement, including the concession agreement.

The total amount of compensation for investment costs and the cost of alienated defense facilities cannot exceed the amount of investment costs of a private partner or concessionaire.

Defense facilities alienated under public-private partnership agreements, including the concession agreement, are subject to assessment in accordance with the legislation of the RK on appraisal activities.

6. Civil Legislation Issues

Changes to the Civil Code[13]

According to the amendments to the Civil Code, which entered into force on 1 January 2021, in cases stipulated by the laws of the RK or agreements, the subject of pledge securing the fulfillment of the obligation under one loan agreement may be pledged by several pledgees (co-pledge holders) to secure the fulfillment of the obligations of the same debtor to them.

Unless otherwise established by the laws of the RK or agreements, each of the co-owners independently exercises the rights and obligations of the pledgee within the amount of his claims secured by the pledge.

The money received from the sale of the subject of the pledge is distributed among the co-owners who are creditors for the main obligation, in proportion to the size of their claims secured by the pledge, unless otherwise provided by the agreement between them.

When foreclosure is levied on the subject of pledge, in case of its non-realization, the subject of pledge enters the shared ownership of the co-owners in proportion to the amount of their claims secured by the pledge, unless otherwise provided by the agreement between them.

These provisions do not apply to subsequent pledges (re-pledge).

Changes to the Entrepreneurial Code[14]

1) Registry of the Business Partners

The Entrepreneurial Code will include provisions on the registry of the business partners, which will come into force on 1 July 2021. To provide business entities and other persons with information on the reliability and integrity of business partners, the National Chamber of Entrepreneurs of the RK will create and maintain a registry of the business partners.

The registry of the business partners is an information system integrated with the informatization systems of the state bodies and organizations, containing information about business entities that do not constitute a secret protected by laws.

2) PPP issues

The lower threshold for the implementation period of a public-private partnership project has been increased from 3 to 5 years. The principles of PPP now also include the principle of value for the local communities - ensuring the development of social infrastructure and life support systems for the population, increasing the level of availability and quality of goods, works, and services, as well as creating jobs within the framework of a public-private partnership project. These provisions entered into force on 16 January 2021.

3) Investments

A new article regulates investment agreement, according to which an investment agreement is an agreement for the implementation of an investment project concluded based on the decision of the Government of the RK between a person authorized by the Government of the RK and a legal entity, including a legal entity registered in the jurisdiction of the Astana International Financial Center, which provides for investment in the amount of at least 7,500,000 times the MCI.[15]

Investment agreements are concluded for the implementation of investment projects that correspond to the list of activities approved by the Government of the RK and determine the types of investment preferences, conditions, and procedures for their provision.

The term, procedures, and conditions for amending and terminating the investment agreement are determined by the investment agreement.

The provisions of the investment agreement remain in effect for 25 years from the date of its conclusion in the event of a change in the legislation of the RK, except for cases of amendments to the investment agreement by agreement of the parties.

A legal entity that has entered into an investment agreement is entitled to reimbursement of up to 20% of the cost of construction and installation works and the purchase of equipment, excluding value-added tax and excise taxes in accordance with tax legislation.

Amendments to the Law on Joint Stock Companies entered into force on 1 January 2021[16]

According to the latest amendments, the head of the executive body or a person solely performing the functions of the executive body of the company is not allowed to hold the position of the head of the executive body or a person solely performing the functions of the executive body of another legal entity, or to hold the position of the head of a branch of a foreign legal entity, the subject of which is the provision of financial services.

Changes in the part of state registration of legal entities and record registration of branches and representative offices

Starting from 7 February 2021 [17], for the state re-registration of business partnerships due to the change of participants [18], the applicant shall submit the share sale-purchase (assignment) agreement as a whole or in part of it in accordance with the laws of the RK and foundation documents. The sale-purchase (assignment) agreement for the share of the leaving partner as a whole or in part shall be notarized in case one of the parties is an individual.

Starting from 16 December 2020 [19], in case of registration of the foreign entity or a branch of the foreign entity providing financial services, the National Register of Business Identification Numbers shall receive an electronic notification about the availability of a permit from the authorized body for regulation, control, and supervision of the financial market and financial organizations.

The legal capacity of a legal entity or a foreign company’s branch providing financial services, under licensed activity arises from the moment of obtaining the required license and terminates from the moment of termination of the license or invalidation according to the procedures provided by the laws of the RK.

In the cases provided for by the laws of the RK, the deregistration of a branch of a foreign legal entity, the subject of which is the provision of financial services, is carried out based on the decision of the authorized body for regulation, control and supervision of the financial market and financial organizations on the completion of the procedure of voluntary or compulsory termination of the branch.

Amendments to the Law on Concessions entered into force on 16 January 2021[20]

There are new provisions regarding the compensation of investment costs for the concession project. According to these amendments, compensation of the investment costs is made in cash payments from budget funds in equal shares over a period of at least 5 years, of a certain amount of investment costs in accordance with the concession agreement. These payments are made after the concession project is put into operation and are aimed at reimbursing project costs. At the same time, it is prohibited to postpone the payment of compensation for investment costs established by the concession agreement to the early periods.

The basic principles of the concession were also expanded and now also include:

-       The principle of the fulfillment of the investment by the concessionaire for the implementation of the concession project;

-       The principle of the value of the concession project for the population.

Amendments to the Law on Rehabilitation and Bankruptcy[21]

The changes affected the regulation of the activities of agent banks. In particular, the agent bank, acting on behalf of and in the interests of the participants in the syndicate of creditors in accordance with the legislation of the RK on project financing and securitization, declares claims separately for each participant in the syndicate of creditors based on a syndicated loan agreement.

In addition, an agent bank acting on behalf of and in the interests of the participants in the syndicate of creditors in accordance with the legislation of the RK on project financing and securitization has the right to apply to the court for foreclosure on the debtor's property, which is the subject of securing the fulfillment of the obligation under the syndicated loan agreement. To file a lawsuit, the total shares of the creditors under the syndicated loan agreement shall be at least 2/3 of the total amount of the financing.

Amendments to the Law on Public-Private Partnership[22]

Changes were made to the article on the sources of financing for public-private partnership projects, reimbursement of costs of public-private partnerships, and income generation by public-private partnerships. In particular, full reimbursement of the private partner's costs is carried out exclusively for public-private partnership projects, in the case, the operation of the social infrastructure and life support facility does not ensure the return on investment of the private partner.

The objects of social infrastructure and life support include objects, complexes of objects used to meet public needs, the provision of which is entrusted to state bodies in accordance with the legislation of the RK.

In addition, the period of operation of a public-private partnership facility is set for a period of at least 5 years, depending on the specifics of the public-private partnership project.

7. Subsoil Use and Energy

Amendments to the Law on State Regulation of the Production and Turnover of Certain Types of Petroleum Products[23]

New provisions on technological needs and technological fuels have been added to the law. According to these novelties, technological needs are the production process of using process fuel and (or) oil products to obtain thermal energy and other technological processes of a manufacturer of oil products determined by the operating mode and technological characteristics of the equipment. Process fuel is a gaseous, liquid, and (or) solid fuel of variable composition, released during the processing of crude oil and (or) gas condensate and (or) refined products and sent by the manufacturer of oil products to obtain thermal energy and to other technological processes of the manufacturer of oil products determined by the operating mode and technological characteristics of the equipment.

The article on the specifics of state regulation of the processing of crude oil and (or) gas condensate, and (or) refined products and the supply of petroleum products was also amended. According to these amendments, in the case of refining of tolling raw materials by a manufacturer of petroleum products, the volumes of crude oil and (or) gas condensate and (or) refined products lost during the refining process, including during the production of thermal energy and the implementation of other technological processes determined by the operating mode and technological characteristics of the equipment, as well as during storage, loading and unloading operations and in the case of emergencies related to technological structures at the oil refinery, are the property of the oil supplier or belong to him on other legal grounds. These changes are limited to a period from 1 January 2018 to 31 December 2020.

In addition, the oil supplier sells to the petroleum product manufacturer the process fuel obtained as a result of the processing of customer-supplied raw materials belonging to such an oil supplier. At the same time, the oil supplier reimburses the producer of oil products for the costs associated with the purchase of process fuel used for technological needs in the processing of customer-supplied raw materials, in the manner and on the terms established by the agreement between the oil supplier and the manufacturer of oil products. These provisions came into effect on 1 January 2021.

8. Antitrust Regulation

Amendments to the Law on Commodity Exchanges entered into force on 16 January 2021[24]

The law has a new article on the competence of the antimonopoly authority in the field of commodity exchanges. According to these changes, the antimonopoly authority:

-       coordinates normative legal acts in the field of regulation of the activities of commodity exchanges;

-       exercises state control over compliance with the legislation of the RK on commodity exchanges;

-       approves the rules for submitting reports by the commodity exchange to the antimonopoly authority;

-       analyzes and monitors the activities of commodity exchanges;

-       publishes information on the activities of commodity exchanges and exchange trading, with the exception of information constituting a commercial or other secret protected by law;

-       carries out licensing of activities in the field of commodity exchanges according to the legislation of the RK on permits and notifications;

-       exercises state control over the observance by commodity exchanges of the legislation of the RK on combating the legalization (laundering) of proceeds from crime and the financing of terrorism;

-       exercises other powers.

9. Customs Issues

Changes to the Customs Code entered into force on 18 January 2021[25]

1) Preliminary decision on the classification of goods

An application for making a preliminary decision on the classification of goods submitted electronically shall be accompanied by electronic or scanned copies of documents confirming the full commercial name, trade name (trademark), main technical and commercial characteristics of the goods, and other information that makes it possible to unambiguously classify the goods, as well as information on the payment of customs duty for making a preliminary decision on the classification of goods.

If necessary, samples of goods are submitted for a customs examination, as well as photographs, drawings, product passports, and other documents necessary for making a preliminary decision on the classification of goods, certified by the applicant's seal (if any).

2) Liability issues

Additional grounds have appeared on which the declarant is not held liable under the Administrative Code of the RK:

  • when revising the requirement and (or) the decision to amend the information declared in the customs declaration, and (or) revise the previously confirmed customs value of the goods, provided that the fact of incorrect determination and (or) confirmation of the customs value of the goods has been established by the customs official;
  • in the case of errors in the operation of the information system related to customs declaration in electronic form, confirmed by the authorized body, resulting in non-fulfillment of obligations to perform customs operations related to customs declaration in electronic form, within the time frame and procedure established by the legislation of the RK.

3) Customs inspections

Now, upon making a decision on liquidation, the inspected entity must notify the customs authorities within 3 days and submit an application for a customs inspection due to the liquidation.

According to the new article a customs inspection is invalid if it was carried out by the customs authorities in gross violation of the requirements for organizing and conducting a customs inspection.

Gross violations of the requirements for organizing and conducting a customs inspection include:

-       violation of the terms of customs inspection established by the code;

-       failure to send or deliver to the inspected entity of the preliminary act of customs inspection;

-       completion of a desk customs audit, which resulted in the discovery of violations of the requirements of the customs legislation of the Eurasian Economic Union and (or) customs legislation of the RK, associated with the absence of documents and (or) information and (or) their failure to submit by the inspected entity, before the expiration of the period established by the customs authority submission of such documents and (or) information.

In case the customs inspection is recognized invalid, the act of the customs inspection and brief of the inspection findings shall be revoked by the authorized body and (or) by the court. 

Several changes were introduced to the article on the desk customs inspection. In particular, when conducting a desk customs inspection based on the results of the application of the risk management system, the customs authority sends or delivers to the inspected entity a notification on the elimination of violations with a description of the violations identified.

The term for conducting a desk customs audit should not exceed 60 calendar days from the date of sending a notification to the inspected entity (previously, the period for conducting a desk customs audit was no more than 6 months).

The specified period does not include the period between the date of sending the request for the submission of documents and (or) information, a preliminary act of a desk customs inspection, requests to other state bodies of the RK, second-tier banks, and organizations carrying out certain types of banking operations, other organizations, state bodies and other organizations of another member state of the Eurasian Economic Union and the date of receipt of documents and (or) information, a written objection to the preliminary act of a desk customs inspection.

The customs authority sends or delivers a notice of the elimination of violations to the inspected entity to provide the right to independently eliminate the identified violations by making changes and (or) additions to the customs declaration and (or) payment of customs duties, taxes, special, anti-dumping, countervailing duties, penalties, interest.

The deadline for the execution of the notification on elimination of violations is 20 business days from the day following the day of delivery of such notification to the inspected entity.

The following shall be recognized as the execution of the notice of the elimination of violations:

1)     in case of agreement with the violations specified in the notification – elimination of the identified violations contained in the notification of elimination of violations by making changes and (or) additions to the customs declaration and (or) payment of customs duties, taxes, special, anti-dumping, countervailing duties, penalty interest, interest;

2)    in case of disagreement with the violations specified in the notification, the inspected person submits an explanation of the identified violations in the form of an electronic document or a paper document with supporting documents, including information declared in the customs declaration.

An appeal by the inspected person to the authorized body or court of the decision on recognizing the notification of the elimination of violations as unfulfilled is carried out within 5 business days from the date of its delivery with a copy of the complaint sent to the customs authority that made a decision on recognizing the notification of elimination of violations as not executed.

Failure to comply with the notification of the elimination of violations within the prescribed period triggers the suspension of debit transactions on the payer's bank accounts.

The suspension of debit transactions on the bank accounts of the payer is not carried out if a complaint contesting the decision to recognize the notification of elimination of violations as not executed is filed:

1)     from the date of acceptance of the complaint by the authorized body - until the issuance of a written decision by the authorized body;

2)    from the date of acceptance by the court of the application for proceedings - until the judicial act entered into force.

When filing a complaint contesting the notification of elimination of violations to the authorized body or court, the period of execution of the notification of elimination of violations shall be suspended:

1)     from the date of acceptance of the complaint by the authorized body - until the issuance of a written decision by the authorized body;

2)    from the date of acceptance by the court of the application for proceedings - until the judicial act enters into force.

In case of non-fulfillment of the notification on the elimination of violations, the customs authority has the right to appoint and conduct a desk customs inspection.

In case of non-fulfillment of the notification on the elimination of violations for more than 5,000 MCI (14,585,000 tenge for 2021), the customs authority has the right to appoint an on-site customs inspection.

In addition, the concept of a preliminary act of a desk customs inspection was introduced.

A preliminary act of a desk customs inspection is a document on the preliminary results of a desk customs inspection compiled by the customs authority.

The preliminary act of the desk customs inspection is drawn up in the form approved by the authorized body.

In this case, the inspected entity has the right to submit a written objection to the preliminary act of a desk customs inspection.

There are new provisions on a complex on-site customs inspection, which is carried out based on a risk management system.

Complex on-site customs inspections are carried out according to a six-month schedule of complex on-site customs inspections in the manner determined by the authorized body.

The frequency of such complex on-site customs inspections, carried out based on a risk management system, shall not be more often than once a year.

The customs authorities, at least 30 calendar days before the start of the complex on-site customs inspection, send or deliver a notice of the complex on-site customs inspection to the inspected entity.

10. Digital Sector and Personal Data

Changes to the Law on Personal Data and Its Protection[26]

Changes have been made to the article regulating the collection, processing of personal data without the consent of the subject. In particular, the collection, processing of personal data is carried out without the consent of the subject or his legal representative in the following cases:

-       transfer for storage of a backup copy of electronic information resources containing personal data of limited access to a single national backup platform for storing electronic information resources in cases provided for by the laws of RK (effective from 1 January 2021);

-       the use of personal data of business entities related directly to their entrepreneurial activities to form a register of business partners, subject to compliance with the requirements of the legislation of the RK (effective from 1 July 2021).

Amendments to the Law on Informatization[27]

According to the latest changes, the National Security Committee of the RK and the State Security Service of the RK are creating a special expert council. The special expert council carries out its activities on a permanent basis and its working body is the National Security Committee of the RK.

The law also has a new article on the competence of the operator of the national artificial intelligence platform. According to the provisions of this article, the competence of the operator of the national artificial intelligence platform includes:

1)     ensuring the functioning of the national artificial intelligence platform;

2)    maintenance and system maintenance of the national artificial intelligence platform;

3)    provision of services in the field of artificial intelligence based on the national platform of artificial intelligence;

4)   collection, storage, processing, and dissemination of data from open sources, data provided by the operator of the information and communication infrastructure of "electronic government", as well as the owners and owners of objects of informatization;

5)    implementation of other functions in accordance with the legislation of the RK.

In addition, the storage of personal data contained in electronic information resources is carried out by the owner and (or) operator, as well as by a third party in an electronic database located in the server room on the territory of the RK, with the adoption of the necessary measures to protect personal data in accordance with the procedure, determined by the Government of the RK.

A new article regulates the procedure for creating and developing an information system of special state bodies of the RK.

An information system designed to implement the tasks of special state bodies is created or developed in the following order:

1)     making a decision on the creation or development of an information system;

2)    development of technical specifications for the creation or development of an information system;

3)    development of technical specifications and calculations for the purchase of goods, works, and services in the field of informatization or for the implementation of works without allocating budget funds;

4)   the implementation of public procurement of goods, works, and services in the field of informatization or the implementation of works without allocating budget funds;

5)    development, trial operation, implementation, and commissioning of the information system into industrial operation in accordance with the standards in force in the territory of the RK.

11. Enforcement Proceedings

Amendments to the Law on Enforcement Proceedings and the Status of Bailiffs[28]

According to the latest amendments, the provisions of this law applied in relation to second-tier banks, insurance (reinsurance) organizations, apply now to branches of non-resident banks of the RK, branches of non-resident insurance organizations of the RK, opened in the territory of the RK. This provision came into effect on 16 December 2020.

In addition, enforcement proceedings are subject to suspension within 1 business day if the authorized body for regulation, control, and supervision of the financial market and financial organizations makes a decision to revoke the license of a branch of a non-resident bank of the RK, a branch of an insurance (reinsurance) organization non-resident of the RK.

Information contained in this Client Update is of general nature and cannot be used as legal advice or recommendation. Please note that Kazakhstan is an emerging economy, and its legislation and legal system are in constant development. Should you have any questions or want to discuss matters addressed in this Client Update, please contact us.

 



[1] Code of the Republic of Kazakhstan dated 2 January 2021 No. 400-VI "Environmental Code of the Republic of Kazakhstan".

[2] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth." The amendments to the Insurance Law are retroactive and came into effect on 16 December 2020.

[3] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[4] Law of the Republic of Kazakhstan dated 31 August 1995 No. 2444 “On Banks and Banking Activities in the Republic of Kazakhstan”.

[5] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth." These changes came into effect on 1 January 2021.

[6] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[7] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[8] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[9] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth." These changes came into effect on 4 January 2021.

[10] The Law of the Republic of Kazakhstan dated 2 January 2021 No. 402-VI "On Amendments and Additions to the Code of the Republic of Kazakhstan" On Taxes and Other Mandatory Payments to the Budget "(Tax Code) and the Law of the Republic of Kazakhstan" On the Enactment of the Code of the Republic of Kazakhstan "On Taxes and Other Obligatory Payments to the Budget "(Tax Code)" on Environmental Issues."

[11] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[12] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[13] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[14] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[15] MCI for 2021 is 2,917 tenge.

[16] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[17] Law of the Republic of Kazakhstan dated 26 January 2021 No. 412-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on State Registration of Rights to Real Estate and Legal Entities."

[18] With the exception of business partnerships, in which the register of participants in the business partnership is maintained by a professional participant in the securities market who maintains a system of registers of securities holders.

[19] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[20] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[21] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[22] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[23] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[24] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[25] Law of the Republic of Kazakhstan dated 5 January 2021 No. 407-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Customs Regulation and Business Activities."

[26] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[27] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."

[28] Law of the Republic of Kazakhstan dated 2 January 2021 No. 399-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Recovery of Economic Growth."